• November 9, 2023
  • OarSmaN
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Bitcoin has again surged, surpassing $37,000 today, marking a level not seen since May 2022. This upward momentum extends to altcoins, with Ether climbing nearly 6% to $2040 in the last 24 hours. XRP saw a 3.22% increase, accompanied by parallel gains in Solana and Cardano.

The ETF Anticipation

The driving force behind Bitcoin’s price hike lies in the growing hopes for Bitcoin ETF approval. Bloomberg ETF analysts James Seyffart and Eric Balchunas noted that an eight-day waiting period for the SEC to approve pending ETF applications has commenced as of today. They expressed confidence, stating, “Even if approvals don’t come this month, we still believe there’s a 90% chance of approval by January 10th.”

Market Sentiments and Predictions

Caroline Mauron, co-founder of liquidity provider Orbit Markets, shared insights with Bloomberg, stating that the interest in bets on Bitcoin’s further rise persists. Josh Gilbert, market analyst at social trading platform eToro, emphasized the impact of ETF expectations, stating that it acts as a catalyst strengthening the current rally. Gilbert also pointed out that the Fed’s halt on interest rate hikes and expectations for next year’s Bitcoin block reward halving contribute to fueling the rally.

Insights from Grayscale CEO

Amid anticipation over the fate of ETF applications, Grayscale’s CEO, Michael Sonnenshein, provided a statement. He said, “Our discussions with the SEC are ongoing, and we remain optimistic about overcoming the final hurdles.”

Positive Developments in the Crypto Space

Among the positive news flow yesterday, there were reports that FTX is in talks with three companies to reopen the exchange. Additionally, the British bank Standard Chartered and Japanese financial firm SBI Holdings are reportedly planning a $100 million investment in crypto ventures.

In summary, the confluence of factors, including ETF expectations, the Federal Reserve’s pause on interest rate hikes, and anticipation for the upcoming Bitcoin block reward halving, collectively contribute to the ongoing Bitcoin rally. The positive sentiment in the market is further echoed by potential investments and discussions within the crypto space, indicating a dynamic and optimistic environment. Investors and enthusiasts eagerly await further developments, especially regarding the awaited SEC decisions and potential collaborations in the cryptocurrency sector.

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